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Sportsbooks are Switching to Virtual Sports Now that Most Sports are on Hiatus
By Jeff Osienya Mar 26, 2020 IndustryWith millions of sports fans grounded at home and most sports events cancelled, sportsbooks are moving to fill the vacuum with virtual sports options to keep enthusiasts hooked.There have been unprecedented effects caused by the spread of the COVID-19 epidemic that is thrashing over most economies globally. The sports industry has particularly suffered after major events like the NHL, NBA NCAA March Madness, and PGA Championship were suspended. Further still, the largest most anticipated sports event of the year, the Olympics which were to be held in Tokyo, was postponed to at least 2021.
After the cancellation of all these events, there was a domino effect that spilled over to sports betting companies. Right now, there are a minimal number of sports that fans can bet on. If we take an example of DraftKings, one of the most prominent online sportsbooks in the USA, the likes of professional darts, New Zealand cricket, Kontinental Hockey League and German Soccer are the only available betting choices on the table.
With such inadequate options which in fact aren’t usually among the most followed events, sportsbooks are bound to suffer. Sports betting companies have therefore had to get more creative to develop new entertaining options to offer bettors more room to place wagers. Sportsbook websites like FanDuel have resorted to offering their first-ever political betting markets with prop bets on the current presidential race. However, wagers like whether words like ‘Iraq’ or ‘Coronavirus’ will be mentioned in the debates were the only ones available, since it’s against the law to bet on the outcome of a presidential race in the USA. But that’s just not enough, especially for die-hard sports fans.
Virtual Sports to the Rescue
Unlike major crises that shook the global economy in previous years, this epidemic comes at a time when technology is at its prime. As a result, there’s a lot of room for flexibility to give sports fans everywhere a chance to watch and bet on virtual or rather simulated versions of games that have already been cancelled.
An excellent instance is the NASCAR race that took place on Sunday 22nd March. It was an incredible step forward in iRacing when fans were able to watch the race online as the real NASCAR drivers were home, in self-quarantine, controlling their cars on a digital track! This new mode of playing has been extended to soccer, basketball and even baseball, among others and plans for holding such events every week are underway.
On top of that, virtual sports content developers like EveryMatrix are expanding their game portfolio with brand new releases aimed at quenching the thirst of sports fans to keep them connected to their favorite sports games. Likewise, online sports betting companies have been aggressively advertising their virtual sports options to encourage players to watch and bet on simulated sports games on offer.
All in all, it is up to online sportsbooks to be creative and expand their offerings as sports fans are eager to participate and bet on different games while they are confined to their homes indefinitely. There is already a rise in online betting this year, and it will continue to rise until the global crisis begins to calm down.
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